Categories

Second incomes under HMRC microscope

In the first week of April 2014 HMRC issued guidance on its latest tax gathering campaign. The target group this time is UK taxpayers who have second incomes and are not presently declaring these income streams on their tax return.

The information published by HMRC about the scope of the campaign is reproduced below:

About the Second Incomes Campaign

Introduction

The Second Incomes Campaign is an opportunity for individuals to bring their tax affairs up to date if they have additional income that is not taxed through their main job or another Pay As You Earn (PAYE) scheme. People with undeclared income can get up to date with their tax affairs in a simple, straightforward way and take advantage of the best possible terms. If you owe tax on your income you must tell HMRC about any unpaid tax now. You will then have 4 months to calculate and pay what you owe.

The scope of the Second Incomes Campaign

The Second Incomes Campaign is an opportunity open to individuals in employment who have an additional untaxed source of income.

Examples could include:

fees from consultancy or other services such as public speaking or providing training

payment for organising parties and events or providing entertainment

income from activities such as taxi driving, hairdressing, providing fitness training or landscape gardening

profits from spare time activities such as making and selling craft items

Taxpayers who take advantage of this scheme should benefit from lower penalty charges in order to bring their tax affairs up-to-date.

This entry was posted
on Friday, May 2nd, 2014 at 12:00 am and is filed under Uncategorized.
You can follow any responses to this entry through the RSS 2.0 feed.
Both comments and pings are currently closed.